Confido has suddenly closed down its website and social media accounts of Twitter, Youtube, Reddit, Medium. Coincidentally, yesterday Confido suffered a 90-percent drop in value after informing investors a legal issue will halt development of the project indefinitely.
According to a whitepaper of Confido.io - Confido is a payment solution developed to be used by both businesses and individuals. It provides secure escrow payments using smart contracts, without relying on a third party to control the money. The unique thing about Confido is its shipment tracking feature. Confido will track a package up to the point that it gets delivered, and will only then release the funds. This is all done in a decentralised and automated fashion using smart contracts.
The company raised $374,477, being on highest rates on November 14 and suffered significant decline on November 19.
Confido (CFD) Charts
After the disappearance of the company, a large number of investors lost their investments. Many forums users wrote about their despair linked with the loss of savings, not believing in their failure.
The Confido scam comes the same day a survey showed that 15% of institutional traders won’t deal with ICOs until tighter regulation arrives. While the extensive majority of ICOs are conducted in good faith, a few bad examples can ruin everything.